Founder Representation in Reg CF & Reg A+: A 2023–2025 Comparison

CHART OF THE WEEK

As Black History Month concludes, we examined whether 2025’s surge in crowdfunding activity translated into greater access to capital for Black founders. Despite a 124% increase in Regulation A+ deal volume, representation and capital share for Black founding teams declined compared to 2023 and 2024. Several outsized raises materially influenced overall capital allocation, and none involved Black founding teams. The data suggests that market expansion alone does not automatically improve founder diversity—sustained participation will be the more meaningful measure going forward.

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EVENTS

Save the Date: Investment Crowdfunding Week Returns April 13–15

We've spent the past year thinking about what it looks like to truly raise the bar for investment crowdfunding — and we're putting that into action this spring.

Investment Crowdfunding Week 2026 is a free, three-day virtual event featuring 20 hand-selected companies pitching live, alongside expert panels and data-driven insights from the Kingscrowd team. Every company you'll see has been vetted by our analysts — and many of these raises will be closing by the end of April, so the timing couldn't be more relevant.

If you've ever wanted to see the best of what this industry has to offer in one place, this is it.

INSIDE STARTUP INVESTING

No new Kingscrowd Podcast episode this week—but catch our latest Inside Startup Investing interview with Sunstone Health CEO Joshua Resnikoff on how AI is using claims data to identify rare disease patients earlier.

By Sam Fiske / Watch | Apple | Spotify

Healthcare is reactive by default — and that’s a major problem when early intervention changes lifelong outcomes. 

In this week’s episode, Sunstone Health CEO Joshua Resnikoff explains how Sunstone uses AI on claims data to proactively identify kids who may be on the path toward developmental delay (starting with epilepsy and autism) and fast-track them to the right specialists and advanced diagnostics — compressing what can take years into roughly weeks. We also dig into the go-to-market mechanics: Sunstone’s employer-paid benefit positioning, privacy-by-design approach, and an outcome-based pricing model built to avoid the “PEPM bloat” that many HR benefits struggle with.

UPCOMING EVENTS

PITCH REVIEW 💸

By Teddy Lyons \ Deal Report

Brief: Synovation Medical Group operates 40 clinics across four states, where physicians, psychologists, and physical therapists collaborate to deliver personalized, cost-effective care. Founded in 2014 by Clayton Varga, Synovation generated $45.6 million in revenue in 2024.

Teddy’s Quick Take: Chronic pain affects millions, often leading to fragmented care and over-reliance on opioids. Synovation Medical Group flips that script with a multidisciplinary approach to pain management. Founded in 1990 by Dr. Clayton Varga, the company integrates physicians, physical therapists, behavioral health specialists, acupuncturists, chiropractors, and other experts in one network to deliver comprehensive, non-opioid treatments across clinics and surgical centers.

Synovation’s clinical leaders, including board-certified anesthesiologists, physiatrists, neurologists, and pain management specialists, pioneered integrated multidisciplinary pain programs starting in the late 1980s and early 1990s. Dr. Varga, with over 30 years in the field, led the development of these collaborative models that emphasize coordinated care over isolated procedures—combining interventional treatments, physical/occupational therapy, behavioral medicine, and more to address both physical and psychological aspects of pain. This approach includes programs such as the Functional Restoration Program (FRP), which helps overcome chronic pain barriers through intensive interdisciplinary work, and the Power Over Pain telemedicine program, which provides remote well-being support. Synovation has also received grants (such as a three-year state of California award) to advance these methods.

The company operates more than 40 clinics and five ambulatory surgical centers in four states, focusing on personalized plans that reduce medication dependence and improve outcomes. They've built a scalable system ready for national expansion, including risk-based contracts covering over 1.2 million patients to cut ER visits, avoid unnecessary surgeries, and speed return to work.

Traction speaks volumes. In 2024, Synovation generated $45.6 million in revenue, up from prior years through organic growth and acquisitions. They serve thousands of patients annually with high retention due to effective, holistic treatments. Expansion plans include new markets and AI-powered tools for patient risk identification, scheduling, and coordination.

For investors seeking established healthcare with growth potential, Synovation offers a compelling entry into pain management innovation.

STAFF PICKS 🌶️

WeatherFlow-Tempest

By Léa Bouhelier-Gautreau

The weather station company is back, this time adding AI to the mix. After a couple of years of stalled revenue, will this integration finally provide the spark investors expect?

151 Coffee

By Teddy Lyons

151 Coffee operates high-energy drive-thru shops serving premium coffee and blended energy drinks with a fun culture. The company generated $17M revenue and $1.9M operating profit in the 12 months ending Sept 2025 from 15 locations, plus 160K rewards members (85% of revenue).

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